Russian official states that Russia will not legalize Facebook's Libra coin

20 Jun, 2019
by Colin Hawkins
Russian official states that Russia will not legalize Facebook's Libra coin

Anatoly Aksakov, a chairman of the Russian State Duma committee, spoke on behalf of Facebook’s cryptocurrency, Libra. He stated that it will not be legalized in Russia, according to TASS, a local Russian news outlet, June 18.

Though the coin is not set to be released until the year 2020, Aksakov spoke on behalf of Russia about not be legalizing the Facebook coin. He believes that Libra could possibly be a threat to the financial system of the country. He also made it clear that at this time Russia has no plans to adopt legislation “which provides space for the active use of crypto tools created in the framework of open platforms, blockchains.”

With Aksakov’s statements being so negative against cryptocurrency, this contradicts the Deputy Finance Minister’s statements on the same topic. Alexei Moiseev stated that the country’s major cryptocurrency bill could be adopted within the next few weeks.

Libra will be available to purchase on foreign crypto platforms, however the creation of similar platforms in Russia will be strictly limited, according to Aksakov:

"In theory, we should talk about the possibility of organizing all kinds of exchanges, trading platforms and sales of such currencies. We, I believe, will limit or prohibit the creation of such sites. Those who want to acquire these tools using foreign legislation can do it at their own risk.”

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